Economic benefits for Australia
The benefits of trade liberalisation are well-known and have enjoyed bipartisan support in Australia since the 1980s. Trade boosts growth, supports jobs, improves living standards and forges more competitive local industries. A study by the Centre for International Economics has shown that the trade liberalisation policies adopted by Australia from 1986 to 2016 have boosted real GDP by 5.4 per cent, and increased the average family household’s real income by $8,448 a year.
The TPP-11 is the latest in more than a dozen bilateral and regional free trade agreements negotiated by Australia since 1983. It will deliver direct economic benefits in its own right. It will also build on the benefits delivered by the 35 years of trade agreements that have preceded it. And it will pave the way for future trade agreements in the Asia-Pacific region which is so critical for Australia’s future prosperity.